Ether Falls Below $300 for the First Time Since November 2017 Amidst ERC-20 Projects Sell-Off

News and Analysis

Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, fell below $300 for the first time in 2018 on Monday, August 13, reaching levels last seen in November 2017.

According to CoinMarketCap data, at 16:44 UTC Ether went below $300 to reach $299.68. One hour later the cryptocurrency’s average exchange rate was $289.16.

This made Ether the biggest loser among the top 10 cryptocurrencies by market capitalization with reported 24-hour loss of 9.36 percent. Over the seven-day streak its price fell by over 28 percent, and its individual market capitalization also fell by more than $10 billion within that period.

Despite demonstrating momentum throughout January to July, Ether has been one of the worst performing digital assets throughout August. Some analysts have attributed such a steep drop in price to the sell-off of ETH by multiple initial coin offerings (ICOs) and blockchain projects.

For example, data provided by SANbase shows that over the last 30 days ERC-20 projects like Atonomi sold off 12,000 ETH followed by Cobinhood (10,710 ETH), Envion (9,840 ETH), Etheroll (9,170 ETH), AppCoins (8,420 ETH), (6,340 ETH), OneLedger (5,380 ETH), GoNetWork (5,004 ETH), and Status (4,800 ETH).

There could be other contributing factors to the Ether price decline as well, however, such a massive sell-off is definitely worth paying attention to.

At press time (19:30 UTC), Ether was changing hands at an average price of 289.92.

In the parallel developments, Bitcoin has gone as high as $6,537 earlier on Monday only to fall below $6,230 later on. The total market capitalization of all cryptocurrencies is down nearly $15 billion from its daily high of $219.4 billion and is currently sitting at just above $205 billion, CoinMarketCap data shows.

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